TFG Sukuk I Limited Aurum (Cayman) Limited - Extraordinary Resolution (0007D)
June 24 2021 - 10:00AM
UK Regulatory
TIDM93DS
RNS Number : 0007D
TFG Sukuk I Limited
24 June 2021
Name: TFG Sukuk I Limited
Date: 24 June 2021
The First Group ("TFG") would like to announce that it has
received the consent of Sukukholders to permanently amend the terms
and conditions of the senior secured Sukuk issued by TFG Sukuk I
Limited, in order to remove the requirement to fund the Rental
Reserve Account, with 100 per cent. of respondent Sukukholders
voting in favour of the amendment. TFG, a leading developer and
manager of hospitality assets in the UAE, first received consent
from Sukukholders to waive the requirement to fund the Rental
Reserve Account in August 2020, during the height of Covid-19
restrictions. Although TFG has since seen a rebound in its
business, as travel restrictions ease, it believes that it is
prudent to remove the requirement to fund the Rental Reserve
Account to maintain a liquidity reserve.
About The First Group: Headquartered in Dubai, UAE, The First
Group is a dynamic, integrated global property developer with a
fast-growing portfolio of upscale hotels, residential properties,
F&B brands and real estate asset management services. Since its
launch, TFG has carved a highly successful niche offering
unrivalled property investment opportunities to clients from more
than 120 countries worldwide.
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